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Colombia is consolidating its place as one of the most important fintech hubs in Latin America. It represents 13% of the regional ecosystem, surpassed only by Brazil and Mexico, and, according to Colombia Fintech’s last Snapshot, it took a detour from ‘growth at all costs’ to ‘sustainable growth’.

At the end of 2024, the sector experienced a 21% revenue growth, driven mostly by digital loans and payments, which are the strongest players in the Colombian fintech scenario, according to the Fintech Sanpshot 2025-01, developed by Colombia Fintech.

What does this mean for companies that are doing business in Colombia? It means that is the time to take advantage of an underpenetrated market that has lots of opportunities, through effective PR and marketing strategies. 

Understanding the Colombian Fintech Landscape

1. Regulation:

In order to effectively address audiences, first, we must understand how fintech companies are doing business in Colombia, starting with the regulations they must follow. The government has implemented a series of laws and decrees to enable innovation:

2. Key players: 

394 fintechs are estimated to be doing business in Colombia, 35% of them being foreign. Digital loans (38,1%) and online payments (33,3%) are the most represented services in the country, followed by crypto services (8,7%).

These are some of the most prominent businesses:

3. Consumer adoption of digital financial services

Doing business in Colombia has become very appealing for fintechs. The country has made steady progress in financial inclusion, with a high percentage of adults having at least one financial product. The use of digital banking has become widespread, even though cash still heavily dominates retail transactions, with 77.8% of the movements, according to the National Bank of Colombia (Banco de la República). The implementation of Bre-B is expected to change that dynamic for the first time.

Doing business in Colombia: how PR and marketing strategies are the key to success

Despite the significant growth that the Colombian fintech industry had this year, skepticism still runs deep in the population, and, as we mentioned previously, people feel more comfortable with their coins and bills.

That’s why doing business in Colombia requires a deep knowledge of local realities and players, an effective communication plan, and tailored marketing strategies to sort out the doubts and fears associated with the digital world.

A) Prioritize Trust and Security in All Communications

In a landscape where cash is still king, building consumer trust is paramount. Emphasize your company’s regulatory compliance and transparent messaging to differentiate your brand from less established players. Showcase your security features with compelling data—for example, by highlighting your use of advanced encryption or two-factor authentication. A client-focused approach to security not only builds confidence but also positions your brand as a responsible and reliable partner in the digital economy.

B) Become a trusted voice

Don’t just sell a product; provide a solution. Create valuable content that solves real-world financial problems for Colombians, such as managing personal finances or understanding credit scores. Position your leadership as experts in financial inclusion and digital innovation. By sharing your insights on platforms like podcasts and industry events, you can establish your brand as a thought leader and a valuable resource, not just another service.

C) Create community

Engagement is key. Use targeted digital campaigns and influencer partnerships to reach your audience authentically across social media platforms like Instagram and TikTok. To deepen customer loyalty, create a community around your brand where users can share tips and get support. Furthermore, build strategic alliances with other businesses—such as retail chains or local associations—and maintain strong media relationships to amplify your message and embed your brand within Colombia’s financial ecosystem. This integrated approach ensures your message resonates across multiple touchpoints and reinforces your brand’s presence in the market.

Ready to Scale Your Fintech in Colombia?

What most fintechs get wrong about Colombia is that they assume what works in Mexico or Brazil will automatically work here. Colombian consumers have their own relationship with money, shaped by decades of cash preference and healthy skepticism.

Sherlock Communications has watched international companies make expensive mistakes, and more importantly, has helped others avoid them entirely. They know which messages resonate and how to build community trust that turns skeptical users into loyal customers.

Colombia’s fintech sector just hit 21% growth, and the new Bre-B payment system is about to shake up the cash-dominated landscape. Talk to someone who knows how to help you get there before your competitors figure it out.

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